According to Russian President Vladimir Putin, cryptocurrencies may one day serve as units of account and a method of payment.
Vladimir Putin, President of the Russian Federation, has talked about cryptocurrencies. He acknowledged that they might be used as a medium of exchange and a tool for international payments.
Bitcoin and other cryptocurrencies may one day be used as a unit of account, Putin said in an interview with CNBC published in its entirety on the Kremlin’s website.
According to Putin, Cryptocurrencies have the potential to be used in the payment industry. As a result of the highly volatile character of this asset class, he cautioned against making any definite statements about whether they would eventually replace the US dollar as a means of settlement in the oil trade.
It’s too early to discuss it because, while cryptocurrency can be used as a unit of account, it’s incredibly volatile. Moving funds from one location to another is beneficial, but trade, let alone trade in energy resources, is, in my opinion, still premature.he said.
Furthermore, Putin said that cryptocurrency is unbacked by any tangible assets, which raises his suspicion about its use in the oil trading market.
On the other hand, the president also said investments in digital assets produced by well-known individuals, such as Elon Musk, are smart investments.
Putin is likewise bullish about the future of digital currencies, stating: When it comes to trading energy commodities such as oil, he believes the new asset class has the potential to grow until it is considered a viable alternative to the US dollar.
Also Read: Coinbase Launches Its NFT Marketplace
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.